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Tuesday, 27th October 2009 (572 views)

Investment in gold is on the rise in Nepal as it is regarded as a hedge against inflation, according to the president of the Nepal Gold and Silver Dealers Association.

Speaking to My Republica, Ratna Shakya commented that gold imports to the country this year are expected to exceed the 5,000kg recorded in the 2008-09 fiscal year.

Mr Shakya added that while the share of gold purchased to secure a profitable investment in 2004 stood at five per cent, this figure has increased to 25 per cent.

"But soaring bullion prices can bring a setback in imports this year as customers are expected to lower demands for the precious yellow metal," he explained.

Earlier this year, the Nepal German Chamber of Commerce and Industry reported that Nepal's Sunrise Bank and Nabil Bank are getting ready to offer gold products to their consumers.

It is likely that most of the gold will come from Dubai, which is the most accessible source of the precious metal to Nepal.

 

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